Farmer Praises Stanbic IBTC for Innovative Agribusiness Financing Solutions

Image

By Aduragbemi Omiyale

A poultry farmer, Mr Haissam Nawan, has commended Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, for supporting the agricultural sector in Nigeria by designing innovative agribusiness financing solutions tailored for stakeholders in the industry.

Mr Nawan is the director of Sayed Farms Limited, a company which produces and distributes day-old chicks and frozen poultry products across the country.

He testified to how the lender has aided the achievement of his business vision, which is to be one of the biggest poultry producers in the country and engage in beneficial partnerships with small and medium farmers in Nigeria.

“We have witnessed massive expansions, starting from dealing with broiler production only to diving into other aspects of poultry production, including the sale of frozen meat. Stanbic IBTC played a pivotal role in this growth.

“What sets Stanbic IBTC Bank apart is how they handhold you through the growth process with proper guidance and financial structure. Indeed, they are your trusted strategic partner for growth,” Mr Nawan said.

The Head of Commercial Clients Coverage at Stanbic IBTC Bank, Mr Babatunde Akindele, reiterated the determination of the bank to continue to support the growth and development of the Nigerian agricultural sector.

“Agriculture is pivotal to national growth, and its value chain house the goldmine for consumption and exportation. We will continue to ensure expansion in the sector through valuable partnerships such as we currently have with Sayed Farms,” he said.

The Stanbic IBTC Agribusiness financing solutions are structured to support production, processing, and logistics requirements across agricultural value chains.

The bank offers credit facilities for agribusinesses that minimize risks, are versatile, and can be used for finance raw materials, vehicles and other logistic needs, and all forms of equipment.

As the Head of Agribusiness at Stanbic IBTC Bank, Mr Wole Oshin, puts it, agribusinesses are critical for sustainable development and job creation in the country. Accelerating an inclusive agricultural sector will enhance a vibrant economy with extensive enterprise development, he noted.

“We are passionate about providing short-medium term financing solutions to solve the needs of crop and livestock producers, processors, their distribution chain, and other value chain players,” he disclosed, noting that Stanbic IBTC recognises the importance of agriculture to the Nigerian economy, and the organization is intentionally developing initiatives and fostering partnerships that support players in the sector.

Share
Related Stories
Image
12-March-2024

Ecobank Gets $250m Bridge-to-Bond Loan from Afreximbank

By Adedapo Adesanya  Ecobank has signed a $250 million senior unsecured bridge-to-bond loan with the African Export-Import Bank (Afreximbank), aimed to support trade finance and the general corporate purposes of the group. It is expected to benefit the lender’s operations in 35 sub-Saharan African countries, as well as France, the United Kingdom, the United Arab Emirates and China, where its pan-African platform provides a single gateway for payments, cash management, trade, and investments. Africa Finance Corporation (AFC) acted as global coordinator and initial mandated lead arranger of the facility and Mashreqbank psc. joined the transaction as a mandated lead arranger.

Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

Image
05-March-2024

Ghana’s Central Bank Suspends FX Trading Licence of First Bank

By Aduragbemi Omiyale The foreign exchange (FX) trading licence of FBN Bank Ghana Limited, a subsidiary of FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has been suspended by the Bank of Ghana. A statement issued on Monday by Ghana’s central bank disclosed that its action was because of the bank’s fraudulent documentation in its forex operations. The country’s banking sector regulator also suspended the FX trading licence of GTBank Ghana Limited, a subsidiary of Nigeria’s GTCO Plc, the parent company of GTBank Limited for the same offence. The notice from the central bank disclosed that

More Stories
Image
25-January-2022

USAID Offers $22.5m to West Africa-Based SMEs

By Aduragbemi Omiyale Small and medium enterprises (SMEs) operating in West Africa will have $22.5 million to support their businesses courtesy of the United States Agency for International Development (USAID). The fund comprises a $2.5 million co-investment grant given to the African Guarantee Fund for Small and Medium-sized Enterprises (AGF) and $20 million of private equity to support the two-part COVID-19 Guarantee Facility of the leading non-bank financial institution. The capital is aimed to solve the problem faced by small business owners in the region and also a part of efforts to support high-potential SMEs. It was learned that the

Image
19-August-2020

Rivers Gets Ambulance from Capital Market Committee

By Modupe Gbadeyanka A brand new Toyota Hiace ambulance vehicle and 1,400 cartoons of bottled water have been donated to the Rivers State government. The donation was made by the Capital Market Support Committee on COVID-19 (CMSCC) to help the government combat the spread of the virus in the state. Presenting the items to the government recently, the Head of Port Harcourt zonal office of the Securities and Exchange Commission (SEC), Mr Obi Adindu, stated that, “The Nigerian capital market, upon outbreak of the pandemic, set up the COVID-19 support committee which has a mandate to raise a billion Naira

Image
05-April-2023

African Tech Firms Suffer 57.2% Slash in Funding

By Adedapo Adesanya African tech firms raised $649.3 million between January 1 and March 31 this year, down 57.2 per cent of the total from the corresponding period in 2022, according to data from Disrupt Africa. This is as slow funding affected the ecosystem, which is facing global headwinds, which is, in turn, affecting everything, including funding. This is according to the most recent edition of the annual African Tech Startups Funding Report released by Disrupt Africa in partnership with Flat6Labs, MarketForce, 4Di Capital, Mercy Corps Ventures, Newtown Partners, and InsiderPR. There was a drop in the number of companies

Image
08-May-2021

11 Plc (Mobil Oil) Finally Quits Stock Exchange

By Dipo Olowookere The shares of 11 Plc (formerly known as Mobil Oil Nigeria) have delisted from the trading platform of the Nigerian Exchange (NGX) Limited. The equities of the energy company were removed from the exchange on Friday, May 7, 2021, after the completion of the voluntary delisting. The development reduced the market capitalisation of the exchange yesterday by N39 billion, closing at N20.431 trillion as against N20.470 trillion it ended on Thursday. “The market and investing public are hereby notified that the entire share capital of 11 Plc was delisted from the daily official list of the Nigerian

Image
07-March-2019

Court Convicts Jaiz Bank Staff for Defrauding Customer

By Modupe Gbadeyanka A man employed by Jaiz Bank Plc has been convicted by Justice Fadawu Umaru of the Borno State High Court, sitting in Maiduguri. The convict, Mr Imam Malik, was found guilty of defrauding one of the customers of the Islamic financial institution located in Borno State. Mr Malik was charged to court by the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on cheating to the tune of N1.5 million. He was said to have fraudulently collected the N1.5 million from one Mr Muhammad Sani Abubakar for a purported Mudaraba Investment with Jaiz Bank

Image
23-January-2019

Senate Confirms Tukur as NFIU Director

By Modupe Gbadeyanka Mr Modibbo Hamman Tukur has been confirmed as the first Director of the Nigerian Financial Intelligence Unit (NFIU). The confirmation of Mr Tukur was made on Wednesday by the Senate after he was nominated for the job by President Muhammadu Buhari some days ago. At the plenary today, the Senate President, Mr Bukola Saraki, who presided over the session, congratulated the NFIU Director on his appointment, describing it as the first in the country. “Let me on behalf of my distinguished colleagues congratulate Modibbo Hamman on his appointment as the first Director of the Nigerian Financial Intelligence

Image
18-February-2017

Oil & Gas: NCDMB Vows to Exceed 28% Nigerian Content

By Modupe Gbadeyanka The Nigerian Content Development and Monitoring Board (NCDMB) says it is working to surpass the current 28 percent Nigerian Content in the oil and gas sector of the economy. Mr Simbi Wabote, the Executive Secretary of the board, told News Agency of Nigeria (NAN) on Tuesday that they were working to increase the participation of Nigerians in the manufacture of more inputs for the oil industry. “What we have achieved so far is 28 per cent value retention within the country; that shows the extent of provision of goods and services by Nigerians using components manufactured in

Ad
Ad
Recent Stories
Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing